Multinationals and the High Cash Holdings Puzzle

Defining as normal cash holdings the holdings a firm with the same characteristics would have had in the late 1990s, we find that the abnormal cash holdings of U.S. firms after the crisis represent on average 1.86% of assets. While U.S. firms held less cash than comparable foreign firms in the late

将具有相同特征的企业在20世纪90年代末的现金持有量界定为正常现金持有量（normal cash holdings），我们研究发现，危机后美国企业的异常现金持有量平均占其资产总额的1.86%。尽管在20世纪末（原文此处表述未完整），美国企业的现金持有规模低于可比外国企业。